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  • FIRST POST
    • ChrisW33
    • By ChrisW33 16th May 18, 2:09 PM
    • 29Posts
    • 1Thanks
    ChrisW33
    Maturing Endowment?
    • #1
    • 16th May 18, 2:09 PM
    Maturing Endowment? 16th May 18 at 2:09 PM
    Afternoon All,
    Finally our 25 year endowment is maturing! Question is what am I allowed to do with those funds? Can I just spend it (that would be liable tax?) or does it need to go towards mortgage?

    Thanks Chris
Page 1
    • jaybeetoo
    • By jaybeetoo 16th May 18, 2:30 PM
    • 586 Posts
    • 278 Thanks
    jaybeetoo
    • #2
    • 16th May 18, 2:30 PM
    • #2
    • 16th May 18, 2:30 PM
    Is it linked to your mortgage?
    • kingstreet
    • By kingstreet 16th May 18, 2:41 PM
    • 33,393 Posts
    • 18,072 Thanks
    kingstreet
    • #3
    • 16th May 18, 2:41 PM
    • #3
    • 16th May 18, 2:41 PM
    If it isn't assigned to a mortgage as collateral security, you can do what you like with it.

    Taxation status is not determined by the use of the proceeds.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ChrisW33
    • By ChrisW33 16th May 18, 4:52 PM
    • 29 Posts
    • 1 Thanks
    ChrisW33
    • #4
    • 16th May 18, 4:52 PM
    • #4
    • 16th May 18, 4:52 PM
    Not anymore...several new mortgages since then and abandoned any interest only several years ago.
    • daveyjp
    • By daveyjp 16th May 18, 7:08 PM
    • 7,479 Posts
    • 5,958 Thanks
    daveyjp
    • #5
    • 16th May 18, 7:08 PM
    • #5
    • 16th May 18, 7:08 PM
    You may need confirmation from your current mortgage provider that it isn't assigned to your mortgage.

    If it isn't its a tax free lump sum to do with as you please.
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